The United States (US) presidential election could have significant implications for the crypto industry, not least SEC Chairman Gary Gensler.
Donald Trump has indicated that he will fire Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), if he runs again. In contrast, there are rumors that Kamala Harris is considering appointing Gensler as Treasury Secretary.
These developments have caused unrest within the crypto community, especially due to Gensler’s tough approach to crypto companies. Many concerned that his appointment would lead to further tightening of regulations, which could have negative consequences for the US crypto market.
In addition, there is disappointment within the crypto community that the Democratic Party platform for 2024 does not include cryptocurrency. This is seen as a signal that the party does not prioritize improving relations with the sector, while advocating for more regulation.
Should we believe the rumors?
Despite the uproar, Custodia Bank CEO Caitlin Long has noted that several Democrats have stated that the rumors are false. Markus Thielen, founder of 10X Research, also expects Gary Gensler to step down in February 2025. Thielen points out that it is customary for SEC chairmen to step down when a new administration takes office.
Election results make little difference
According to well-known investor and crypto advocate Kevin O’Leary, the election outcome will make little difference, as he believes both Democrats and Republicans are pushing for clear crypto regulations.
O’Leary is also optimistic: “We will have crypto policy regardless of who enters the White House.” This statement is supported by Chuck Schumer, the Democratic leader in the Senate, who has pledged to introduce regulations this year.
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Source: https://newsbit.nl/kamala-harris-zou-sec-hoofd-gensler-kunnen-benoemen-tot-minister-van-financien/
